Very Short Type Questions - Entrepreneurial Opportunity, Entrepreneurship, Class 12 | Additional Study Material for Commerce PDF Download

Q1. Why is investigation of ideas important ? (CBSE 2009, Comptt., 2014) (1 mark)
Ans. Investigation of ideas is important for converting the ideas into a sound venture or enterprise and leading us to feasibility study.

Q2. Explain how ‘Trading Related Ideas’ act as ‘Idea Fields’ for generation of ideas ? (CBSE 2013) (2 mark)
Ans. Trading-Related Ideas : Trading refers to buying and selling of goods and services for profit. Today, scope of trade has enlarged to local trade, import & export, e-commerce etc. So, an entrepreneur must have a clear idea of the kind of trading he is willing to be into. Afterwards, this idea further gives him a way to lot more ideas about the place, size and nature of his trading business.

Q3. What is meant by investigation of ideas ? (CBSE 2011, A.I.) (1 mark)
Ans. It is a detailed information about the ideas.

Q4. What are trade related ideas ? (CBSE 2009, A.I.) (2 mark)
Ans. Trade Related Ideas : In present times, trade is not limited to ordinary grocers, distributors or outlets. With increasing consumerism, the scope and nature of trade has enlarged. Local trade, imports and exports and e-commerce etc. are all making trading a very wide area of enterprise.

Q5. How can fantasizing help an entrepreneur to spot new ideas ? (CBSE 2009, A.I.) (2 mark)
Ans. Business opportunities are created when entrepreneur fantasises about products and services they would love to have in their lives. Yesterday’s fantasises about space tourism are today’s reality. Many investors think the new spot of ideas about their investment. Fantasizing help in creating new ideas.

Q6. What is required to convert an idea into opportunity ? (2 mark)
Ans. Vigorous process of examination, evaluation, analysis and synthesis to identify viable oppurtunities.

Q7. What is the basic function of the process of environment scanning ? (1 mark)
Ans. Spotting and generating ideas is the most important function in the process of environment scanning.

Q8. What is a ‘field of ideas’ ? (2 mark)
Ans. Ideas fields are convenient frames of reference for streamlining the process of generation of ideas and encouraging the scope of thinking.

Q9. When is a viable opportunity born ? (2007, CBSE) (2 mark)
Ans. When knowledge, skill, competency and creativity are strategically applied for market orientation a viable opportunity is born.

Q10. What is idea generation ? (CBSE TBQ)
How are ideas generated ? (CBSE 2009, AI) (2 mark)
Ans. Generation of ideas is mainly a conscious endeavour to collect ideas from different sources for the purpose of finding a creative solution to a need or problem. Here, different sources are like talking to others, visiting shops and exhibitions, looking through books, specialists, existing entrepreneurs, prospective customers, etc.

Q11. What is ‘Brainstorming’ ? (CBSE 2008, AI) (2 mark)
Ans. Under this consideration, an expert group of knowledgable persons sit together and generate a large number of product ideas. It is a productive method of generating ideas and is usually an unstructured discussion in which one idea leads to another.

Q12. Name the sources of internal opportunities. (1 mark)
Ans.
(a) Skill,
(b) Creativity,
(c) Knowledge.

Q13. Give two examples of service sector ideas. (2 mark)
Ans. Examples : Transport, Workshop, Maintenance, Security, Catering, Computer Centre, Communication, Water Supply, etc. (Any two)

Q14. What is the main source of creative ideas ? (1 mark)
Ans. Problem solving, development of new product and services are the main sources of creative ideas.

Q15. Differentiate between Basic Ideas and Post-Scanning Ideas. (2 mark)
Ans.
(a) Spotting of basic ideas is of random nature whereas post-scanning idea is more purposeful activity.
(b) Spotting basic idea is an experimental process whereas scanning idea is a strategic process.

Q16. State whether the following are true or false :
(a) The basic idea has to undergo process of close examination and evaluation.
(b) Businessmen should not give importance to the idea of long term development.
(c) Entrepreneurial opportunities are restricted only for manufacturing industries.
(d) A business must use the resources for the betterment of environment. (2 mark)
Ans.
(a) True
(b) False
(c) False
(d) True

Q17. Fill in the blanks :
(a) The scanning of environment is the .................. between spotting idea and selection of a product.
(b) The price of a product depends upon its ............... (1 mark)
Ans.
(a) interface
(b) cost